Exhibit 99.1

FOR IMMEDIATE RELEASE

ISLE OF CAPRI CASINOS, INC. ANNOUNCES THIRD QUARTER RESULTS

BILOXI, MISS. (February 14, 2005)—Isle of Capri Casinos, Inc. (NASDAQ: ISLE) today reported financial results for the fiscal quarter ended January 23, 2005. For the third fiscal quarter, net income was $3.5 million or $0.11 per diluted common share compared to net income of $7.8 million or $0.25 per diluted common share for the same quarter last year. Net revenues for the third fiscal quarter were $266.8 million compared to $265.2 million for the same fiscal period in 2004. For the first nine months of fiscal 2005, the company reported net income of $14.6 million, or $0.47 per diluted share. This compares to net income for the same period in fiscal 2004 of $32.1 million, or $1.04 per diluted share. Net revenues for the nine months ended January 23, 2005, were $817.4 million, down from $820.6 million for the comparable period in the previous year. For the third quarter and nine months, the company reported Adjusted EBITDA¹ of $53.1 million and $162.6 million, respectively.

Bernard Goldstein, Isle of Capri Casinos, Inc. chairman and chief executive officer, said, “This quarter has presented some challenges; however, the results of our operations for the third quarter were above the range we projected. As we near the end of a period of construction disruption at many of our core properties, we continue to position the company to grow and develop.”

Highlights

·   In Florida, a statewide referendum passed in November 2004 allowing the voters of Broward and Miami-Dade counties to decide whether to allow slot machines at existing pari-mutuel facilities. Local referendums will be on the March 8, 2005 ballots in both counties. The company is working with the Florida legislature to pass enabling gaming legislation as required by the state-wide referendum. The company operates Pompano Park Harness Track in Broward county, and has the exclusive right to negotiate the purchase of the Miami Jai Alai fronton in Miami-Dade county.

·   In January, the company announced plans to deploy the IGT Advantage™ Casino System to replace the existing systems in six of its casinos over the next 12 months. The company began the rollout of this system at the Colorado Central Station-Black Hawk. The company is planning to roll out the system at the Isle-Biloxi, the Isle-Vicksburg, the Isle-Lula, the Isle-Black Hawk, and one other location yet to be determined. After implementation, nearly 7,000 machines will feature the NexGen™ Interactive Display, supporting loyalty-building Bonusing™ tools, which will allow the company to enhance its uniquely branded marketing programs.

·   The company’s slot improvement initiative also includes an increased ticket-in/ticket-out slot product offering. Its total percentage of ticket-in/ticket-out-equipped machines is currently more than 61% and is projected to be 72% by fiscal year end.

·   The company expects the construction of the 400 room hotel expansion at the Isle-Biloxi to be completed in late spring of 2005. The company is also moving forward on the construction of its new casino barge. The casino barge will feature significantly expanded gaming space, new entertainment venues, restaurants and other amenities. The company plans to construct the barge offsite and move it into place during an approximately two-week period between Thanksgiving and Christmas of 2005.

·   In Colorado, the company expects to complete 600 new parking spaces, as well as the expansion of both the Isle-Black Hawk’s and the Colorado Central Station-Black Hawk’s casinos by the end of February. This will complete the most disruptive phase of its expansion project in Black Hawk. By June 2005, the company expects to open 400 additional parking spaces, the skywalk connecting the properties and a Kitt’s Kitchen restaurant.

·   After the end of the fiscal third quarter, the company refinanced its senior secured credit facility. The company now has a term loan of $250.0 million, with an additional $50.0 million delayed draw term loan available until August 3, 2005, and a revolving credit line of $400.0 million. The covenants associated with the credit facility provide more flexibility as the company continues to pursue its development goals. In the fourth quarter of fiscal 2005, the company will incur a loss from early extinguishment of debt of approximately $5.2 million before income taxes.

Operational Review of the Third Quarter Fiscal 2005 Compared to the Third Quarter Fiscal 2004

In Mississippi, the company’s four operations contributed 23% of its net revenues. The Isle-Biloxi experienced a slight increase in net revenues and a solid increase in Adjusted EBITDA¹ despite construction disruptions due to its hotel expansion. The company expects to complete these additions in late spring of 2005. The Isle-Natchez experienced an increase in both net revenues and Adjusted EBITDA¹ driven by increased marketing efforts in its outer markets. The Isle-Vicksburg was able to increase its net revenues slightly through aggressive marketing efforts that had an initial negative impact on Adjusted EBITDA¹. The Isle-Lula showed a decline in both net revenues and Adjusted EBITDA¹ as the company continues to face a very competitive and contracting market.

In Louisiana, the company’s two properties contributed 26% of its net revenues. The Isle-Lake Charles continues to see the benefits of the Grand Palais expansion and renovation with increases in both net revenues and Adjusted EBITDA¹. The Isle-Bossier City showed a decrease in net revenues however, Adjusted EBITDA¹ increased due to improved overall cost controls. The Bossier City market is highly competitive and is facing increased competitive pressure from the significant expansion of Native American gaming in Oklahoma.

In Missouri, the company’s two properties contributed 15% of its net revenues. The Isle-Kansas City’s net revenues and Adjusted EBITDA¹ were up as a result of the property’s previous casino expansion and aggressive marketing. The Isle-Boonville showed an increase in net revenue and a solid increase in Adjusted EBITDA¹ as the property continues to ramp up to its full potential. The company is still in the planning stages of the construction of its hotel and event center to further enhance the profitability of this property.

In Iowa, the company’s three casinos contributed 18% of its net revenues. Its two casinos in the Quad Cities experienced a decrease in net revenues and Adjusted EBITDA¹. These properties have faced an increase in competition from casinos in the Chicagoland market as these operators refine their product and service offerings. Additionally, the Native American casino in Tama, Iowa, that was closed in May 2003 and reopened in December 2003, is having a negative impact on the company’s Iowa operations. Adjusted EBITDA¹ has also decreased due to a 2% increase in the Iowa gaming tax rates, which became effective July 1, 2004.

In Colorado, the company’s three casino operations contributed 13% of its net revenues. Net revenues and Adjusted EBITDA¹ for these properties declined. Construction in Black Hawk had a negative impact, particularly on parking for the Colorado Central Station-Black Hawk and to the street entrances to both casinos. Completion of the extension of Main Street to Colorado Route 119 has been temporarily delayed due to engineering problems.

Internationally, the Isle-Our Lucaya experienced an increase in net revenues, however, Adjusted EBITDA¹ fell because the casino incurred a full quarter of expenses despite being closed for approximately half of the quarter. In the third quarter of the prior fiscal year, the casino opened in mid-December; and therefore, the property only incurred expenses for half of that quarter. The Our Lucaya resort has substantially reopened, although the island is still recovering from last year’s hurricanes. Subsequent to the end of the third quarter, the company received an initial payment on its business interruption insurance claim.

New development expense increased approximately $2.0 million due to the company’s continuing development efforts in the United Kingdom, Florida and elsewhere in the United States. In the United Kingdom, the company continues its efforts to develop a casino in Coventry. However, the latest proposed gaming legislation would limit the number of regional casinos to eight for a three year period that commences after the first regional casino opens. The company anticipates that a selection of the eight casinos will not be made until late 2007. Based on the current legislative uncertainty, the company has written off $1.6 million of certain previously capitalized fixed assets.

Timothy Hinkley, Isle of Capri Casinos, Inc. president and chief operating officer, said, “We have always believed in staying the course, focusing on long-term goals, even when experiencing periodic issues such as construction disruption. We are moving forward, enhancing and expanding our core properties and providing state-of-the art gaming products.”

Isle of Capri Casinos, Inc.
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
	Three Months Ended				Nine Months Ended
	January 23,		January 25,		January 23,		January 25,
	2005		2004		2005		2004
Revenues:
Casino	$	268,221	$	267,489	$	827,908	$	831,799
Hotel, pari-mutuel, food, beverage & other		52,606		50,766		159,102		154,253
Gross revenues		320,827		318,255		987,010		986,052
Less promotional allowances		53,993		53,094		169,582		165,474
Net revenues		266,834		265,161		817,428		820,578
Operating and other expenses:
Properties		204,919		199,600		629,827		614,738
Corporate (2)		5,157		4,154		16,083		17,112
New development (3)		3,668		1,597		8,914		3,339
Preopening (4)		-		1,452		247		2,050
Other charges (5)		1,621		-		1,621		-
Depreciation and amortization (6)		23,625		22,641		73,082		65,695
Total operating and other expenses		238,990		229,444		729,774		702,934
Operating income		27,844		35,717		87,654		117,644
Net interest expense (7)		(18,460)		(20,283)		(54,811)		(62,023)
Minority interest (8)		(1,440)		(2,549)		(5,122)		(8,039)
Income before income taxes		7,944		12,885		27,721		47,582
Income tax expense (9)		4,414		5,052		13,134		15,487
Net income	$	3,530	$	7,833	$	14,587	$	32,095
Net income per diluted common share	$	0.11	$	0.25	$	0.47	$	1.04
Weighted average diluted common shares		31,037		31,032		30,776		30,738

Selected Consolidated Balance Sheet Accounts

	January 23, 2005		April 25, 2004
	(Unaudited)
Cash and cash equivalents	$	122,753	$	134,582
Property and equipment, net		986,243		907,460
Debt		1,101,578		1,088,864
Stockholders' equity		254,222		241,406

Isle of Capri Casinos, Inc.

Comparative Financial Highlights by Casino Property

(Unaudited)

(In thousands)

	Three Months Ended
	January 23,							January 25,
	2005							2004
	Net Revenues (10)		Adjusted EBITDA (1)		Adjusted EBITDA Margin % (1)			Net Revenues (10)		Adjusted EBITDA (1)		Adjusted EBITDA Margin % (1)
MISSISSIPPI
BILOXI	$	19,672	$	4,270		21.7	%	$	19,300	$	3,615		18.7	%
NATCHEZ		8,636		1,903		22.0	%		8,056		1,823		22.6	%
VICKSBURG		13,412		3,157		23.5	%		13,274		4,361		32.9	%
LULA		19,803		4,216		21.3	%		21,048		5,708		27.1	%
MISSISSIPPI TOTAL	$	61,523	$	13,546		22.0	%	$	61,678	$	15,507		25.1	%
LOUISIANA
BOSSIER CITY		24,973		5,748		23.0	%		25,400		4,680		18.4	%
LAKE CHARLES		44,163		11,334		25.7	%		41,817		9,891		23.7	%
LOUISIANA TOTAL	$	69,136	$	17,082		24.7	%	$	67,217	$	14,571		21.7	%
MISSOURI
KANSAS CITY		22,310		4,122		18.5	%		22,277		4,039		18.1	%
BOONVILLE		16,977		4,972		29.3	%		16,349		4,491		27.5	%
MISSOURI TOTAL	$	39,287	$	9,094		23.1	%	$	38,626	$	8,530		22.1	%
IOWA
BETTENDORF		23,719		8,289		34.9	%		24,603		8,321		33.8	%
DAVENPORT		16,145		3,903		24.2	%		16,212		4,054		25.0	%
MARQUETTE		8,971		1,826		20.4	%		9,810		2,318		23.6	%
IOWA TOTAL	$	48,835	$	14,018		28.7	%	$	50,625	$	14,693		29.0	%
COLORADO
BLACK HAWK (11)		24,760		8,526		34.4	%		25,148		9,870		39.2	%
COLORADO CENTRAL
STATION (11)		7,228		282		3.9	%		10,243		2,192		21.4	%
COLORADO
GRANDE (11)		1,409		(5)		(0.4	%)		1,677		287		17.1	%
COLORADO TOTAL	$	33,397	$	8,803		26.4	%	$	37,068	$	12,349		33.3	%
INTERNATIONAL
BLUE CHIP (4) (12)		2,237		(520)		(23.2	%)		861		285		33.1	%
OUR LUCAYA (4)		4,608		(1,288)		(28.0	%)		2,040		(522)		(25.6	%)
INTERNATIONAL TOTAL	$	6,845	$	(1,808)		(26.4	%)	$	2,901	$	(237)		(8.2	%)
CORPORATE & OTHER (13)	$	7,811	$	(7,645)		N/M		$	7,046	$	(5,603)		N/M
TOTAL	$	266,834	$	53,090		19.9	%	$	265,161	$	59,810		22.6	%

Isle of Capri Casinos, Inc.

Comparative Financial Highlights by Casino Property

(Unaudited)

(In thousands)

	Nine Months Ended
	January 23,							January 25,
	2005							2004
	Net Revenues (10)		Adjusted EBITDA (1)		Adjusted EBITDA Margin % (1)			Net Revenues (10)		Adjusted EBITDA (1)		Adjusted EBITDA Margin % (1)
MISSISSIPPI
BILOXI	$	58,438	$	11,304		19.3	%	$	62,099	$	14,487		23.3	%
NATCHEZ		25,398		5,917		23.3	%		24,114		5,755		23.9	%
VICKSBURG		40,045		9,362		23.4	%		40,460		11,417		28.2	%
LULA		60,973		13,832		22.7	%		63,980		16,934		26.5	%
MISSISSIPPI TOTAL	$	184,854	$	40,415		21.9	%	$	190,653	$	48,593		25.5	%
LOUISIANA
BOSSIER CITY		81,340		17,977		22.1	%		80,819		14,406		17.8	%
LAKE CHARLES		127,967		29,981		23.4	%		125,040		28,717		23.0	%
LOUISIANA TOTAL	$	209,307	$	47,958		22.9	%	$	205,859	$	43,123		20.9	%
MISSOURI
KANSAS CITY		70,144		13,518		19.3	%		67,621		12,614		18.7	%
BOONVILLE		52,644		15,102		28.7	%		50,333		13,450		26.7	%
MISSOURI TOTAL	$	122,788	$	28,620		23.3	%	$	117,954	$	26,064		22.1	%
IOWA
BETTENDORF		75,010		24,774		33.0	%		74,795		24,210		32.4	%
DAVENPORT		51,745		13,259		25.6	%		50,210		12,898		25.7	%
MARQUETTE		31,058		7,987		25.7	%		32,056		8,564		26.7	%
IOWA TOTAL	$	157,813	$	46,020		29.2	%	$	157,061	$	45,672		29.1	%
COLORADO
BLACK HAWK (11)		76,605		27,564		36.0	%		80,701		30,419		37.7	%
COLORADO CENTRAL
STATION (11)		23,644		1,212		5.1	%		33,903		7,436		21.9	%
COLORADO
GRANDE (11)		5,512		873		15.8	%		5,995		1,488		24.8	%
COLORADO TOTAL	$	105,761	$	29,649		28.0	%	$	120,599	$	39,343		32.6	%
INTERNATIONAL
BLUE CHIP (4) (12)		5,685		(1,019)		(17.9	%)		861		285		33.1	%
OUR LUCAYA (4)		13,878		(4,411)		(31.8	%)		2,040		(522)		(25.6	%)
INTERNATIONAL TOTAL	$	19,563	$	(5,430)		(27.8	%)	$	2,901	$	(237)		(8.2	%)
CORPORATE & OTHER (13)	$	17,342	$	(24,628)		N/M		$	25,551	$	(17,169)		N/M
TOTAL	$	817,428	$	162,604		19.9	%	$	820,578	$	185,389		22.6	%

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino Property

(Unaudited) (In thousands)

	Three Months Ended January 23, 2005
	Operating Income (Loss)		Depreciation & Amortization		Preopening (4)		Other Charges (5)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	2,232	$	2,038	$	-	$	-	$	4,270		11.3	%
NATCHEZ		1,054		849		-		-		1,903		12.2	%
VICKSBURG		2,009		1,148		-		-		3,157		15.0	%
LULA		1,981		2,235		-		-		4,216		10.0	%
MISSISSIPPI TOTAL	$	7,276		6,270	$	-	$	-	$	13,546		11.8	%
LOUISIANA
BOSSIER CITY		3,119		2,629		-		-		5,748		12.5	%
LAKE CHARLES		7,834		3,500		-		-		11,334		17.7	%
LOUISIANA TOTAL	$	10,953	$	6,129	$	-	$	-	$	17,082		15.8	%
MISSOURI
KANSAS CITY		2,274		1,848		-		-		4,122		10.2	%
BOONVILLE		3,656		1,316		-		-		4,972		21.5	%
MISSOURI TOTAL	$	5,930	$	3,164	$	-	$	-	$	9,094		15.1	%
IOWA
BETTENDORF		6,444		1,845		-		-		8,289		27.2	%
DAVENPORT		1,953		1,950		-		-		3,903		12.1	%
MARQUETTE		1,102		724		-		-		1,826		12.3	%
IOWA TOTAL	$	9,499	$	4,519	$	-	$	-	$	14,018		19.5	%
COLORADO
BLACK HAWK (11)		6,724		1,802		-		-		8,526		27.2	%
COLORADO CENTRAL
STATION (11)		(354)		636		-		-		282		(4.9	%)
COLORADO
GRANDE (11)		(120)		115		-		-		(5)		(8.5	%)
COLORADO TOTAL	$	6,250	$	2,553	$	-	$	-	$	8,803		18.7	%
INTERNATIONAL
BLUE CHIP (4) (12)		(572)		52		-		-		(520)		(25.6	%)
OUR LUCAYA (4)		(1,686)		398		-		-		(1,288)		(36.6	%)
INTERNATIONAL TOTAL	$	(2,258)	$	450	$	-	$	-	$	(1,808)		(33.0	%)
CORPORATE & OTHER (13)	$	(9,806)	$	540	$	-	$	1,621	$	(7,645)		N/M
TOTAL	$	27,844	$	23,625	$	-	$	1,621	$	53,090		10.4	%

	Three Months Ended January 25, 2004
	Operating Income (Loss)		Depreciation & Amortization		Preopening (4)		Other Charges (5)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	1,652	$	1,963	$	-	$	-	$	3,615		8.6	%
NATCHEZ		1,115		708		-		-		1,823		13.8	%
VICKSBURG		3,070		1,291		-		-		4,361		23.1	%
LULA		3,178		2,530		-		-		5,708		15.1	%
MISSISSIPPI TOTAL	$	9,015	$	6,492	$	-	$	-	$	15,507		14.6	%
LOUISIANA
BOSSIER CITY		2,558		2,122		-		-		4,680		10.1	%
LAKE CHARLES		7,205		2,686		-		-		9,891		17.2	%
LOUISIANA TOTAL	$	9,763	$	4,808	$	-	$	-	$	14,571		14.5	%
MISSOURI
KANSAS CITY		2,210		1,829		-		-		4,039		9.9	%
BOONVILLE		2,900		1,591		-		-		4,491		17.7	%
MISSOURI TOTAL	$	5,110	$	3,420	$	-	$	-	$	8,530		13.2	%
IOWA
BETTENDORF		6,473		1,848		-		-		8,321		26.3	%
DAVENPORT		1,709		2,345		-		-		4,054		10.5	%
MARQUETTE		1,504		814		-		-		2,318		15.3	%
IOWA TOTAL	$	9,686	$	5,007	$	-	$	-	$	14,693		19.1	%
COLORADO
BLACK HAWK (11)		8,220		1,650		-		-		9,870		32.7	%
COLORADO CENTRAL
STATION (11)		1,787		405		-		-		2,192		17.4	%
COLORADO
GRANDE (11)		215		72		-		-		287		12.8	%
COLORADO TOTAL	$	10,222	$	2,127	$	-	$	-	$	12,349		27.6	%
INTERNATIONAL
BLUE CHIP (4) (12)		271		14		-		-		285		31.5	%
OUR LUCAYA (4)		(2,130)		156		1,452		-		(522)		(104.4	%)
INTERNATIONAL TOTAL	$	(1,859)	$	170	$	1,452	$	-	$	(237)		(64.1	%)
CORPORATE & OTHER (13)	$	(6,220)	$	617	$	-	$	-	$	(5,603)		N/M
TOTAL	$	35,717	$	22,641	$	1,452	$	-	$	59,810		13.5	%

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino Property

(Unaudited) (In thousands)

	Nine Months Ended January 23, 2005
	Operating Income (Loss)		Depreciation & Amortization		Preopening (4)		Other Charges (5)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	5,191	$	6,113	$	-	$	-	$	11,304		8.9	%
NATCHEZ		3,471		2,446		-		-		5,917		13.7	%
VICKSBURG		5,894		3,468		-		-		9,362		14.7	%
LULA		5,155		8,677		-		-		13,832		8.5	%
MISSISSIPPI TOTAL	$	19,711	$	20,704	$	-	$	-	$	40,415		10.7	%
LOUISIANA
BOSSIER CITY		10,096		7,881		-		-		17,977		12.4	%
LAKE CHARLES		20,045		9,936		-		-		29,981		15.7	%
LOUISIANA TOTAL	$	30,141	$	17,817	$	-	$	-	$	47,958		14.4	%
MISSOURI
KANSAS CITY		7,804		5,714		-		-		13,518		11.1	%
BOONVILLE		9,836		5,266		-		-		15,102		18.7	%
MISSOURI TOTAL	$	17,640	$	10,980	$	-	$	-	$	28,620		14.4	%
IOWA
BETTENDORF		19,370		5,404		-		-		24,774		25.8	%
DAVENPORT		7,855		5,404		-		-		13,259		15.2	%
MARQUETTE		5,623		2,364		-		-		7,987		18.1	%
IOWA TOTAL	$	32,848	$	13,172	$	-	$	-	$	46,020		20.8	%
COLORADO
BLACK HAWK (11)		22,288		5,276		-		-		27,564		29.1	%
COLORADO CENTRAL
STATION (11)		(652)		1,864		-		-		1,212		(2.8	%)
COLORADO
GRANDE (11)		548		325		-		-		873		9.9	%
COLORADO TOTAL	$	22,184	$	7,465	$	-	$	-	$	29,649		21.0	%
INTERNATIONAL
BLUE CHIP (4) (12)		(1,427)		161		247		-		(1,019)		(25.1	%)
OUR LUCAYA (4)		(5,510)		1,099		-		-		(4,411)		(39.7	%)
INTERNATIONAL TOTAL	$	(6,937)	$	1,260	$	247	$	-	$	(5,430)		(35.5	%)
CORPORATE & OTHER (13)	$	(27,933)	$	1,684	$	-	$	1,621	$	(24,628)		N/M
TOTAL	$	87,654	$	73,082	$	247	$	1,621	$	162,604		10.7	%

	Nine Months Ended January 25, 2004
	Operating Income (Loss)		Depreciation & Amortization		Preopening (4)		Other Charges (5)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	8,692	$	5,795	$	-	$	-	$	14,487		14.0	%
NATCHEZ		3,858		1,897		-		-		5,755		16.0	%
VICKSBURG		7,689		3,728		-		-		11,417		19.0	%
LULA		9,455		7,479		-		-		16,934		14.8	%
MISSISSIPPI TOTAL	$	29,694	$	18,899	$	-	$	-	$	48,593		15.6	%
LOUISIANA
BOSSIER CITY		8,405		6,001		-		-		14,406		10.4	%
LAKE CHARLES		20,484		8,233		-		-		28,717		16.4	%
LOUISIANA TOTAL	$	28,889	$	14,234	$	-	$	-	$	43,123		14.0	%
MISSOURI
KANSAS CITY		7,798		4,816		-		-		12,614		11.5	%
BOONVILLE		8,862		4,588		-		-		13,450		17.6	%
MISSOURI TOTAL	$	16,660	$	9,404	$	-	$	-	$	26,064		14.1	%
IOWA
BETTENDORF		18,601		5,609		-		-		24,210		24.9	%
DAVENPORT		6,057		6,841		-		-		12,898		12.1	%
MARQUETTE		6,208		2,356		-		-		8,564		19.4	%
IOWA TOTAL	$	30,866	$	14,806	$	-	$	-	$	45,672		19.7	%
COLORADO
BLACK HAWK (11)		25,326		5,093		-		-		30,419		31.4	%
COLORADO CENTRAL
STATION (11)		6,330		1,106		-		-		7,436		18.7	%
COLORADO
GRANDE (11)		1,275		213		-		-		1,488		21.3	%
COLORADO TOTAL	$	32,931	$	6,412	$	-	$	-	$	39,343		27.3	%
INTERNATIONAL
BLUE CHIP (4) (12)		271		14		-		-		285		31.5	%
OUR LUCAYA (4)		(2,728)		156		2,050		-		(522)		(133.7	%)
INTERNATIONAL TOTAL	$	(2,457)	$	170	$	2,050	$	-	$	(237)		(84.7	%)
CORPORATE & OTHER (13)	$	(18,939)	$	1,770	$	-	$	-	$	(17,169)		N/M
TOTAL	$	117,644	$	65,695	$	2,050	$	-	$	185,389		14.3	%

1.   EBITDA is “earnings before interest, income taxes, depreciation and amortization.” Isle of Capri calculates Adjusted EBITDA at its properties by adding preopening expense, management fees, other charges and non-cash items to EBITDA. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis of valuing gaming companies. Management uses property level Adjusted EBITDA (Adjusted EBITDA before corporate expense) as the primary measure of the company’s operating properties’ performance, including the evaluation of operating personnel. Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the company’s operating performance, as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to any other measure determined in accordance with U.S. generally accepted accounting principles (GAAP). The company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA. Also, other gaming companies that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the company. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenues. Reconciliations of operating income to Adjusted EBITDA and operating income as a percentage of net revenues are included in the financial schedules accompanying this release. A reconciliation of Adjusted EBITDA with net income as determined in accordance with GAAP is shown below.

	Three Months Ended				Nine Months Ended
	January 23,		January 25,		January 23,		January 25,
	2005		2004		2005		2004
	(In thousands)
Adjusted EBITDA	$	53,090	$	59,810	$	162,604	$	185,389
(Add)/deduct:
Depreciation and amortization		23,625		22,641		73,082		65,695
Other charges		1,621		-		1,621		-
Interest expense, net		18,460		20,283		54,811		62,023
Interest income
Minority interest		1,440		2,549		5,122		8,039
Income tax expense		4,414		5,052		13,134		15,487
Preopening		-		1,452		247		2,050
Net income	$	3,530	$	7,833	$	14,587	$	32,095

2.   Corporate expenses for the three and nine months ended January 23, 2005, reflect the inclusion of approximately $0.3 million and $0.8 million in expenses related to the recording of insurance costs through its new captive insurance company. The effect of fluctuations in workers compensation and general liability insurance reserves were previously reported in property expenses. With the formation and implementation of its wholly owned captive insurance company, the current excess of claims over premiums is borne by the captive insurance company whose operations are reported as a corporate expense as opposed to property expenses. Corporate expenses for the nine months ended January 25, 2004, include a $2.0 million charge related to the accrual of additional loss contingencies for litigation matters.

3.  New development expenses include incremental costs incurred pursuing new opportunities within the industry. Such costs include, but are not limited to, legal and other professional fees, application fees and personnel and travel costs. New development expenses for the three and nine months ended January 23, 2005, include $0.8 million and $2.8 million related to contributions to Yes for Better Schools and Jobs (formerly known as Floridians for a Level Playing Field), a coalition of pari-mutuel facilities, including Pompano Park, that supports referendums related to the installation and operation of slot machines at existing pari-mutuel sites in Broward and Miami-Dade counties in the state of Florida. New development expenses for the three and nine months ended January 23, 2005, also include United Kingdom-related expenses of $1.5 million and $3.4 million, respectively, compared to $0.6 million and $1.5 million for the three and nine months ended January 25, 2004, respectively, and other domestic development expenses of $1.4 million and $2.8 million for the three and nine months ended January 23, 2005, respectively, compared to $1.0 million and $1.8 million for the three and nine months ended January 25, 2004, respectively.

4.   Preopening expenses for the nine months ended January 23, 2005, relate to the October 2004 opening of the Blue Chip-Walsall pub-style casino. For the fiscal quarter and nine months ended January 25, 2004, preopening expenses incurred related to opening the casino at Our Lucaya Beach and Golf Resort, Grand Bahama Island, on December 15, 2003.

5.   During the fiscal quarter ended January 23, 2005, the company recorded a valuation charge of $1.6 million related to previously capitalized fixed assets for certain projects as a result of current uncertainties related to gaming legislation in the United Kingdom.

6.   Depreciation and amortization expense for the nine months ended January 23, 2005 includes a one-time $2.9 million depreciation adjustment related to a misclassification of certain land improvements resulting from the conversion of the company’s manual system to a computerized asset-tracking system in fiscal 2002.

7.   Consolidated net interest expense is comprised of the following components:

	Restricted Group		Colorado		Blue Chip		Consolidated		Restricted Group		Colorado		Blue Chip		Consolidated
	(In thousands)
	Three Months Ended January 23, 2005								Nine Months Ended January 23, 2005
Interest expense	$	17,176	$	2,731	$	166	$	20,073	$	49,765	$	7,847	$	354	$	57,966
Interest income		(496)		(10)		(25)		(531)		(1,107)		(62)		(37)		(1,206)
Capitalized interest		(604)		(478)		-		(1,082)		(1,072)		(877)		-		(1,949)
Net interest expense	$	16,076	$	2,243	$	141	$	18,460	$	47,586	$	6,908	$	317	$	54,811
	Three Months Ended January 25 2004								Nine Months Ended January 25 2004
Interest expense	$	18,354	$	2,806	$	-	$	21,160	$	55,378	$	8,553	$	-	$	63,931
Interest income		(318)		(35)		-		(353)		(595)		(98)		-		(693)
Capitalized interest		(524)		-		-		(524)		(1,215)		-		-		(1,215)
Net interest expense	$	17,512	$	2,771	$	-	$	20,283	$	53,568	$	8,455	$	-	$	62,023

Colorado includes the Isle-Black Hawk’s, the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s components of net interest expense. Blue Chip includes Blue Chip-Dudley’s, Blue Chip-Wolverhampton’s and Blue Chip-Walsall’s components of net interest expense.

8.   Minority interest represents unrelated third parties’ portions of the Isle-Black Hawk’s income before income taxes, Blue Chip Casinos, PLC’s net income, and the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s net income.

9.   The company’s effective tax rate for the quarter ended January 23, 2005, was 53.0%, compared to 39.0% for the quarter ended January 25, 2004, which, in each case, excludes an unrelated party’s portion of the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s income taxes. The company’s effective tax rate was 45.8% and 32.7% for the nine months ended January 23, 2005, and January 25, 2004, respectively, which, in each case, excludes an unrelated party’s portion of the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s income taxes. This increase in effective rate, over the comparable prior fiscal periods is attributable to permanent items on lower expected earnings for the year, the impact of not benefiting from a portion of its current operating losses in the United Kingdom and state income taxes.

10.   Net revenues are presented net of complimentaries, slot points expense and cash coupon redemptions.

11.   As management fees are eliminated in consolidation, Adjusted EBITDA for the Isle-Black Hawk, the Colorado Central Station-Black Hawk and the Colorado Grande-Cripple Creek, does not include management fees. The following table shows management fees and Adjusted EBITDA inclusive of management fees for the three and nine months ended January 23, 2005, and January 25, 2004:

	Three Months Ended					Nine Months Ended
	January 23, 2005			January 25, 2004		January 23, 2005		January 25, 2004
	(In thousands)
Management Fees
Isle - Black Hawk	$	1,211		$	1,136	$	3,683	$	3,644
Colorado Central Station		215			662		734		1,563
Colorado Grande		45			71		235		283
Adjusted EBITDA with Management Fees
Isle - Black Hawk		7,315			8,734		23,881		26,775
Colorado Central Station		67			1,530		478		5,873
Colorado Grande		(50	)		216		638		1,205

12.   The Isle of Capri Casinos, Inc. acquired a two-thirds interest in Blue Chip Casinos, PLC on November 28, 2003. Blue Chip Casinos, PLC owns and operates pub-style casinos in Dudley, Wolverhampton and Walsall, England.

13.   For the three months ended January 23, 2005, corporate and other includes net revenues of $6,620 and Adjusted EBITDA of ($35) for Pompano Park. For the nine months ended January 23, 2005, corporate and other includes net revenues of $15,922 and Adjusted EBITDA of ($1,078) for Pompano Park. For the three months ended January 25, 2004, corporate and other includes net revenues of $6,928 and Adjusted EBITDA of $16 for Pompano Park and net revenues of $5 and Adjusted EBITDA of $18 for the Lady Luck-Las Vegas. For the nine months ended January 25, 2004, corporate and other includes net revenues of $15,822 and Adjusted EBITDA of ($798) for Pompano Park, as well as net revenues of $8,370 and Adjusted EBITDA of $2,720 for the Lady Luck-Las Vegas. The sale of the Lady Luck-Las Vegas was finalized on September 3, 2003.

Isle of Capri Casinos, Inc., a leading developer and owner of gaming and entertainment facilities, operates 16 casinos in 14 locations. The company owns and operates riverboat and dockside casinos in Biloxi, Vicksburg, Lula and Natchez, Mississippi; Bossier City and Lake Charles (2 riverboats), Louisiana; Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville, Missouri. The company also owns a 57 percent interest in and operates land-based casinos in Black Hawk (2 casinos) and Cripple Creek, Colorado. Isle of Capri's international gaming interests include a casino that it operates in Freeport, Grand Bahamas, and a two-thirds ownership interest in casinos in Dudley, Wolverhampton and Walsall, England. The company also owns and operates Pompano Park Harness Racing Track in Pompano Beach, Florida.

As a publicly held company, the Company regularly files reports with the Securities and Exchange Commission (the “SEC”). These reports are required by the Securities Exchange Act of 1934 and include:

·   Annual Reports on Form 10-K;

·   Quarterly Reports on Form 10-Q;

·   Current Reports on Form 8-K; and

·   All amendments to those reports.

The company’s Internet website is http://www.islecorp.com. The company makes its filings available free of charge on its Internet website as soon as reasonably practical after the Company electronically files or furnishes such reports to the SEC.

You may read and copy the reports, statements and other information the company files with the SEC at the SEC’s public reference room at 450 Fifth Street, N.W., Washington, D.C. 20546. You can request copies of these documents by writing to the SEC but must pay photocopying fees. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. Its SEC filings are also available to the public on the SEC’s Internet site (http://www.sec.gov).

Contact:

Allan B. Solomon, Executive Vice President, 561-995-6660

Rex Yeisley, Chief Financial Officer, 228-396-7052

Lori Hutzler, Director of Corporate Communications, 228-396-7031

This press release contains forward-looking statements which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, licensing, and other regulatory approvals, financing sources, development and construction activities, costs and delays, permits, weather, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein.

Additional information concerning potential factors that could affect the company’s financial condition, results of operations and expansion projects, is included in the filings of the company with the Securities and Exchange Commission, including but not limited to, its 10-K for the fiscal year ended April 25, 2004, and Form 10-Q for the fiscal quarters ended since that date.